Musharaka REIT posts SAR 47.3 mln FFO, SAR 29.9 mln profit in 2021
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Musharaka REIT Fund reported a net profit of SAR 29.9 million (SAR 0.34 per unit) in 2021, down 17% from SAR 36.1 million a year earlier, fund manager Musharaka Capital said in a bourse filing today, March 30.
Funds from operations (FFO) stood at SAR 47.3 million in 2021, compared to SAR 46.6 million in the year before.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Rental Income | 103.57 | 100.70 | (2.8 %) |
| Funds from Operations(FFO) | 56.74 | 59.18 | 4.3 % |
| Net Income | 36.08 | 29.87 | (17.2 %) |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 0.64 | 0.67 | 4.3 % |
| EPS (Riyals) | 0.41 | 0.34 | (17.2 %) |
Lower profit was attributed to a drop in rental income, a SAR 4.7 million decline in the value of investment properties, a rise in operating expenses, paired with posting SAR 2 million in Zakat provisions.
This was despite recording high financing income, along with witnessing a reversal in loan loss provisions amounting to SAR 116,000 in 2021, compared to SAR 7.7 million in the year before.
Interim Comparasion (M)
| Item | H2 2020 | H2 2021 | Change |
|---|---|---|---|
| Rental Income | 47.78 | 51.44 | 7.7 % |
| Funds from Operations(FFO) | 22.05 | 28.84 | 30.8 % |
| Net Income | 13.00 | 15.09 | 16.0 % |
| No of shares | 88.00 | 88.00 | - |
| Operating EPS (Riyals) | 0.25 | 0.33 | 30.8 % |
| EPS (Riyals) | 0.15 | 0.17 | 16.0 % |
Balance Sheet (Million)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Total Assets | 1,354.14 | 1,441.77 | 6.5 % |
| Total Debt | 450.59 | 547.49 | 21.5 % |
| Net assets attributable to the Unitholders Item | 881.70 | 858.77 | (2.6 %) |
| Market value of net assets | 950.16 | 947.84 | (0.2 %) |
Net asset value (NAV) stood at SAR 858.77 million, while the NAV per unit reached SAR 9.76.
The market value of assets reached SAR 947.8 million in 2021, while the per unit market value stood at SAR 10.77.
Financial results (Million)
| Period | Rental Income | Change | Funds from Operations(FFO) | Change | Net Income | Change |
|---|---|---|---|---|---|---|
| H1 2021 | 49.26 | (11.7 %) | 30.34 | (12.5 %) | 14.78 | (35.9 %) |
| H2 2021 | 51.44 | 7.7 % | 28.84 | 30.8 % | 15.09 | 16.0 % |
| 2021 | 100.70 | (2.8 %) | 59.18 | 4.3 % | 29.87 | (17.2 %) |
Balance Sheet (Million)
| Period | Total Assets | Change | Total Debt | Change | Net assets attributable to the Unitholders Item | Change | Market value of net assets | Change |
|---|---|---|---|---|---|---|---|---|
| H1 2021 | 1,347.91 | 0.8 % | 453.92 | 12.9 % | 870.08 | (3.3 %) | 952.99 | (1.3 %) |
| H2 2021 | 1,441.77 | 6.5 % | 547.49 | 21.5 % | 858.77 | (2.6 %) | 947.84 | (0.2 %) |
Multiple Ratios (End of Period Price)
| Period | Price/ Earnings (P/E)(x) | Price/FFO(x) |
|---|---|---|
| Q2 2021 | 35.85 | 19.01 |
| Q4 2021 | 29.23 | 14.75 |
Unit Data (Riyal)
| Period | Operating EPS | EPS | Book Value | Market Value |
|---|---|---|---|---|
| H1 2021 | 0.34 | 0.17 | 9.89 | 10.83 |
| H2 2021 | 0.33 | 0.17 | 9.76 | 10.77 |
| Current | |
| Number of Units (Million) | 88.00 |
| Net Income/Unit ( Riyal) | (0.27 ) |
| Funds from operations/Unit ( Riyal) | 0.12 |
| P/E (X) (TTM) | NEG |
| Current Price/FFO (X) | 40.62 |
| Par Value ( Riyal) | 10.00 |
| Price/book | 0.56 |
| Asset Growth (%) | (2.16 ) |
| Revenue Growth (%) | 0.7 |
| Net Income Growth (%) | (1596.90 ) |
| Adjusted P/E (Last12) (X) | Neg |
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